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Felicity Inc. is a calendar-year S corporation with two shareholders who each own 50 shares of stock. All shareholders purchased their stock for $10,000. Mr. D, one of the shareholders, made loans to the corporation of $7,000 and $6,000 on August 1, 2015, and June 15, 2016, respectively. Mr. D also guaranteed Felicity's $20,000 bank loan of $20,000. Felicity Inc. had $15,000 ordinary income on December 31, 2015. Both shareholders reported their share of the corporation's income on their individual returns for 2015. For 2016, Felicity Inc. reported an ordinary loss of $5,000. No distributions were made in 2015 or 2016 by the corporation. What is the adjusted basis of Mr. D's stock on December 31, 2016? If an item does not contribute to basis, please explain.
NetPerks Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $28 in cash along with receipts for the following expenditures.
phelps inc. had assets of 68246 and liabilities of 15366 at the close of 2010 with 10418 shares of outstanding common
the bank account as a control device helps to protect cash. one of the requirements is to conduct periodic bank
randell company issues 7 10-year bonds with a par value of 150000 and semiannual interest payments. on the issue date
July 3 Paid the current month's rent, $5,500. Prepare journal entries to record the July transactions in the General Journal
treetop corp. makes irrigation sprinkler systems for tree nurseries. ramsey roe treetops new controller can find only
A separate version of the worksheet is provided in the Course Resources if you would like to experiment with preparation of the Balance Sheet.
In what ways does the United States have greater flexibility in its labor markets and greater efficiency in its financial system than other higher-income countries such as those in Europe?
jack green established the jackson trust by a gift in 1999. the trust instrument requires that the trustee distribute
Journal entries. Refer to requirement 2 of Exercise. Prepare summary journal entries for the use of direct materials and incurrence of conversion costs.
Why would a proposal to eliminate the tax benefits of carried interest (performance fees) have a greater impact on the private equity industry?
ACCT20074 Contemporary Accounting Theory. Provide a report summarising the purpose of Corporate Sustainability Reporting (CSR) by referring to the Global Reporting Initiatives' (GRI) Sustainability Framework (G3.1)
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